Statoil will start work on the Mariner project, 150km southeast of the Shetland islands, in 2017. Average production is expected to average 55,000 barrels of oil a day.
The project will create around 700 new jobs in the Aberdeen region.
The Mariner field, which was first discovered in 1981, had been left dormant as development was deemed too expensive.
"The North Sea is a core area for Statoil, and we look forward to taking a leading role in further developing also the UK part of this basin," said Lars Christian Bacher, executive vice president for development and production international at Statoil.